Ethereum Market Analysis: Researcher says PlusToken scammers are mixing $117,000,000 worth Ether, ETH/USD remains unaffected


  • PlusToken scam operators are cycling their ETH through mixers, according to Frank - a  pseudonymous researcher.
  • He noted that the mixer has made five hops and has used 4,967 addresses to send smaller units of the coin.
  • ETH/USD faces bearish correction, following two straight bullish days.

A researcher who goes by the name “Frank” has recently said that the criminals behind the PlusToken scam are active and are cycling their ETH stash through mixers. He noted that currently, the PlusToken mixer has made five hops and used 4,967 addresses to send smaller units of the coin. 3813 of these addresses currently store an average of 140 ETH, indicating that the scammers are trying to move 533,820 ETH (worth $117.4 million).

Mixing involves shuffling a user’s digital assets with several other coins and then sending smaller units to separate wallet destinations. This makes transactions more anonymous. While the process is designed to give privacy to legitimate cryptocurrency users, it can also be used to hide criminal activity. Frank expects the mixing to continue, suggesting that the scammers are planning to use more wallets containing ETH to liquidate the stash through exchanges without creating any suspicion.

ETH/USD daily price chart

ETH/USD daily chart

ETH/USD faced bearish correction in the early hours of Tuesday as the price dropped from $227.89 to $227.20. As such, it seems to be following the price activity of the rest of the cryptocurrency market. Currently, the price is sandwiched between SMA 20 and SMA 50 curves. 

The price has strong resistance levels at $231.85 (SMA 20), $238 and $243.60. On the downside, healthy support lies at $226.85, $225.45 (SMA 50) and $220.

Key levels

ETH/USD

Overview
Today last price 227.05
Today Daily Change -0.82
Today Daily Change % -0.36
Today daily open 227.87
 
Trends
Daily SMA20 232.95
Daily SMA50 224.26
Daily SMA100 197.56
Daily SMA200 188.36
 
Levels
Previous Daily High 229.91
Previous Daily Low 221.09
Previous Weekly High 249.27
Previous Weekly Low 227.04
Previous Monthly High 247.15
Previous Monthly Low 176.19
Daily Fibonacci 38.2% 226.54
Daily Fibonacci 61.8% 224.46
Daily Pivot Point S1 222.67
Daily Pivot Point S2 217.46
Daily Pivot Point S3 213.84
Daily Pivot Point R1 231.49
Daily Pivot Point R2 235.12
Daily Pivot Point R3 240.32

 

 

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